Course Purpose
The purpose of PMT 413: Engineering Economics and Workshop Management is to equip you with the knowledge and practical skills necessary to make sound economic decisions and effectively manage technical workshops.
The course integrates principles of economics with engineering practice, preparing you to evaluate costs, optimize resources, and lead operations in professional engineering environments.
Course Learning Outcomes
By the end of this course, you should be able to:
- Develop ability to account for the time value of money.
- Analyze the viability of engineering projects.
- Explain legal and regulatory requirements in a workshop.
- Organize workshop layout for optimum production.
Course Content
Part I: Engineering Economics
- Introduction: Objectives and the role of economics in engineering.
- Time Value of Money: Present value, future value, and the use of interest in economic analysis.
- Cost Concepts: Fixed cost, variable cost, and opportunity cost.
- Project Evaluation: Depreciation, tax, and inflation impacts on engineering projects.
Part II: Workshop Management
- Introduction: Objectives and roles of the workshop manager.
- Workshop Safety: Safety guidelines and emergency procedures.
- Operations & Layout: Workshop organization and physical layout optimization.
- Administration: Workshop scheduling, planning, budgeting, and legal/regulatory compliance.